November 22, 2024 22:05 (IST)
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Submit Form 15G or Form 15H to avoid TDS on your Interest Income

Submit Form 15G or Form 15H to avoid TDS on your Interest Income

It is mandatory for financial institutions to deduct TDS (Tax Deducted at Source) on interest income on investments exceeding Rs.10,000, or Rs.5,000, if you have a company FD. This limit has been extended to Rs.50,000 for senior citizens. Typically, the financial institutions deduct this tax, and you can adjust is later when filing your income tax returns or paying your tax amount.